宝城期货豆类油脂早报-20250606

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall domestic bean futures prices follow the fluctuations of the external market. The soybean futures prices in the US are still affected by weather themes and trade risks, maintaining a trend of being more likely to rise than fall. The main trading logic in the short - term is the weather theme, and the linkage between the domestic and foreign markets has increased. The short - term trend is mainly volatile and strong [6]. - The export of Malaysian palm oil remains strong, and the supply - demand environment has significantly improved, which supports the rebound of Malaysian palm oil and the domestic palm oil futures prices. If the trading logic of oils returns to fundamentals, palm oil is expected to become the leading variety [8]. Group 3: Summary by Variety Soybean Meal (M) - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic includes import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand. With the continuous release of optimistic signals in Sino - US trade relations, the expectation of good US soybean exports is increasing. The short - term trend is mainly volatile and strong [6][7]. Palm Oil (P) - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic involves Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventories, and substitution demand. The strong export of Malaysian palm oil and improved supply - demand environment support the domestic palm oil futures prices [7][8]. Soybean Oil - Short - term: Oscillatory; Medium - term: Oscillatory; Intraday: Oscillatory and strong; Reference view: Oscillatory and strong. Core logic includes US tariff policies, US soybean oil inventory, biodiesel demand, domestic raw material supply rhythm, and oil refinery inventory [7].